Sundaram Finance's net profit for H1 FY24 up by 22% at Rs 648 crore

Sundaram Finance Ltd (SFL) on Monday announced that it has logged highest-ever disbursements of Rs 13,430 crore for H1 FY'24, 34 per cent over and above H1 FY'23.

The profit after tax registered a 22 per cent rise in H1 FY'24, with net profit at Rs 648 crore. The company had registered a net profit of Rs 529 crore in H1 FY'23.

The SFL's Board of Directors approved the unaudited standalone and consolidated financial results for the half year ended September 30, 2023, at its meeting held here on Monday.

Disbursements for H1 FY'24 recorded a growth of 34 per cent to Rs 13,430 crore as compared to Rs 10,054 crore registered in H1 FY'23.

Also, disbursements for Q2 FY'24 recorded a growth of 35 per cent to Rs 6,941 crore as compared to Rs 5,139 crore in Q2 FY'23. The assets under management grew by 25 per cent to Rs 40,106 crore as on 30 September 2023 as against Rs 31,980 crore as on 30 September 2022.

Harsha Viji, Executive Vice Chairman said: "Team Sundaram has delivered a strong first half year of FY24. Assets under management grew by 25 per cent, net stage 3 assets closed at 1.08 per cent and profit after tax recorded a 22 per cent growth to Rs 648 crore over the prior year period. Our Group companies in asset management, general insurance and home finance have continued their trajectory from FY23 and recorded strong results. We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability.